Canada NewsWire
VANCOUVER, July 25, 2019
Canadian Securities Exchange: Symbol J
VANCOUVER, July 25, 2019 /CNW/ - Lotus Ventures Inc. (CSE:J) (FRA:LV9) (the "Company" or "Lotus") has completed the commissioning of its Armstrong facility and expects its initial harvest in September 2019. As the Company prepares for a busy fall season, we would like to provide our objectives for 2019, heading into 2020.
Initial Harvest:
Lotus initially brought 75 live plants (the "Plants") into the facility as per its press release dated May 21, 2019. At that time, the Plants were small size in the mother stage. Since then, the Company has grown out the mother plants and successfully taken over 3,000 clones which are now at various stages of development, and thousands of more cuttings are expected to be made over the next few weeks. The initial harvest is expected to be in September 2019, with sales commencing shortly thereafter. The Company's perpetual production cycle has our team harvesting a new crop every two weeks, and will be at full production by year-end.
As established with our streaming partner, Auxly Cannabis Group Inc. ("Auxly") will purchase 50% of the production. Lotus has a number of options on dealing with the other 50% of production, including but not limited to, Auxly buying the remaining 50% not allocated to them, at the higher/market price than the fixed price committed on the portion Lotus has pre-sold to Auxly.
Current Licences Held:
On March 8, 2019 Lotus received its Standard Cultivation, Sale for Medical Purposes and Plant/Seeds sales licences pursuant to the Cannabis Act (the "Act"). Under the Act, a Standard Cultivation licence permits the sale of bulk cannabis to federal licence holders with a Processing licence. Under the Act, a Sale for Medical Purposes licence permits the sale of dried cannabis to medical patients who have registered directly with a federal licence holder.
The Plant/Seeds sales licence (the "Offerings") permits the Company to sell both Offerings to provincially/territorially authorized distributors and/or retailers. The Company is currently in the process of obtaining its Processing licence (which permits the sale of cannabis to provincial distributors).
Facility Expansion:
The Company's expansion facility design was submitted for building permits at the Township. The building will have an expected production yield of more than double the initial facility. The expansion will use the same low-cost of production design, and will include a dedicated space for in-house extraction and genetic breeding.
Significant Milestones Achieved:
Corporate Matters:
Lotus welcomes the addition of Jeff Tung (Auxly) to the board and the board has approved a grant of options under the Company's Incentive Plan to key members of the Lotus Team. The ten-year options at an exercise price of $0.20 are in the amounts of 820,000 to the CEO, 320,000 to the COO, 150,000 to the remaining directors and CFO, and 100,000 to various operations staff.
ON BEHALF OF THE BOARD
Lotus Ventures Inc.
"Dale McClanaghan"
Dale McClanaghan, President and CEO
About Lotus Ventures Inc.
Lotus Ventures Inc. (CSE:J) is an Okanagan-based licensed producer focused on growing premium cannabis products for the medical and recreational connoisseur market. Lotus operates an innovative growing facility with access to unique proven strains, and an entirely handcrafted production process created by one of the regions most experienced growing teams.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE Lotus Ventures Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2019/25/c6274.html
We use cookies to tailor your experience, measure site performance and present relevant offers and advertisements. By clicking ‘Accept’ or any content on this site, you agree that cookies can be placed on your browser. You can view our privacy policy to learn more.
If you would like to get more data, alerts and access to Real Vision videos, join us as an Insider Tracking Advantage Ultra member